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MyTheresa may list in New York: Reuters
Posted on Friday, 14 February 2020 09:01
MyTheresa is working towards an initial public offering (IPO) in the US in the first half of this year that could value the German online luxury fashion retailer at about USD 500.00 million, Reuters reported.
Sources with knowledge of the situation told the news provider Morgan Stanley is advising the owner, Neiman Marcus Group (NMG) of the US, which is itself controlled by Ares Management, on a listing on the New York Stock Exchange.
A debut could come as soon as April, the people noted, though spokespeople for the buyout house, the fashion platform and the investment bank either declined or were not available for comment when contacted by Reuters.
NMG comprises five luxury retailers, namely, Neiman Marcus, Bergdorf Goodman, Last Call, Horchow, and Mytheresa.
Along with websites and catalogues, there are 43 Neiman Marcus-branded stores across the US two Bergdorf Goodman shops in Manhattan, 24 Last Call locations, and one Mytheresa brick-and-mortar site in Germany.
The group is ultimately owned by Ares and Canada Pension Plan Investment Board, which bought the group in October 2013 for USD 6.00 billion.
NMG acquired MyTheresa, which competes against the likes of Zalando, Global Fashion, ASOS, Farfetch and RealReal, in October 2014.
The fashion platform, which recently made its menswear debut generated net revenue of EUR 272.00 million in the 39 weeks ended 31st March 2019, representing a 25.7 per cent increase to the corresponding period in FY 2018.
Its operative earnings before interest, tax, depreciation and amortisation rose from EUR 8.40 million in Q1-3 2018 to EUR 15.30 million in Q1-3 2019.
NMG and Ares are currently under fire after moving MyTheresa into a place in the group’s capital structure that meant the online retailer was out of the reach of creditors.
Zephyr, the M&A database published by Bureau van Dijk, shows 74 IPOs by clothing stores and electronic shopping and mail-order houses have been announced over the last five years.
More recently, within the last year, listing hopefuls have included Chewy, RealReal, Jumia and Forward Fashion.
© Zephus Ltd